Crypto market update 30.10.2017
Bitcoin Cash created the new trend with cloning Bitcoin. Apparently people go crazy when receiving free stuff. Well, nothing is free. If new cash is not added to the market it is taken from other coins. In this case market is moving from alt coins to Bitcoin in order to receive new currency with the fork or better call it clone.
image fource: bitcoin.com
To my surprise Bitcoin Cash didn't die immediately and indirectly created path for other developers to follow. Luckily Bitcoin Gold is not doing so well and I'm counting on it to die when all coins will be aveliable. Right now for example people with Leadger S hardware wallet don't have access to it yet. If all this clone nonsense where you create new coin with Bitcoin or Ethereum in the name and then add random precious metal or color to the name and you are basicly done, don't end we are in trouble. How will it look to new users or merchants if we have several Bitcoins? Probably confusing. Because of that some promising alt coins are suffering. Im hoping that after 2X fork in few weeks things will return to normal.
The good news is that there are rumors that China might unban crypto trading. Some sources claim that amazon will offer payment with Bitcoin.
While this has been rough couple of mounts with alts falling quite hard I still believe in good return in a long run.
img credz: pixabay.com
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